EmblemHealth Announces Agreement to Sell ConnectiCare to Molina Healthcare

Contact:
Kim Kann | Email: kkann@emblemhealth.com
Alex Gomez | Email: algomez@emblemhealth.com

NEW YORK, NY – July 23, 2024 – EmblemHealth has agreed to sell ConnectiCare to Molina Healthcare, Inc. (NYSE: MOH).

Over the past five years, EmblemHealth has been focused on transforming its technology and products and strengthening its population health programs across the tri-state area. Thanks to our talented EmblemHealth team, every aspect of the enterprise has been modernized.

In the past year, more and more time has been focused on New York City and building EmblemHealth Neighborhood Care centers to address health equity and the social barriers members face in accessing care. Through that work came the recognition of the ever-increasing role EmblemHealth is playing in building a future for health care that best supports New Yorkers and their families. As a result, EmblemHealth is refocusing on its roots, providing high-quality health plans and services to New Yorkers.    

To support the future growth of EmblemHealth’s Connecticut health plan, ConnectiCare, an agreement has been reached to sell ConnectiCare to Molina Healthcare, Inc. (NYSE: MOH). This sale will provide additional resources for investment in New York.

“ConnectiCare has been a valued part of the EmblemHealth Enterprise, providing top-tier access to high-quality health insurance coverage. It has been an honor to serve the people of Connecticut for more than four decades. We are proud that our plan has been recognized for its outstanding customer service, commitment to the community, and strong clinical partnerships.

We are taking a major step to support ConnectiCare's growth by entering into an agreement with Molina Healthcare. We believe Molina's commitment to delivering on the promise of the Affordable Care Act, bringing coverage to so many Americans through the federal and state exchanges, makes it the ideal partner to take on ConnectiCare's mission,” said Karen Ignagni, EmblemHealth CEO.

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2025.   

About EmblemHealth
EmblemHealth is one of the nation’s largest nonprofit health insurers, with more than three million members and an 80-year legacy of serving New York’s communities. The company offers a full range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top providers and hospitals to deliver quality, affordable care. For more information, visit emblemhealth.com.

About ConnectiCare
ConnectiCare is a leading health plan in the state of Connecticut. ConnectiCare has been dedicated to making Connecticut a healthier place to live and work since the company was founded in 1981. ConnectiCare is part of the EmblemHealth family of companies. For more information, visit connecticare.com.

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